A slap of fifty million dollars: In the dark forest, who can become the 'wall-sitter'?
A couple of days ago, the cryptocurrency circle witnessed a textbook-level tragedy again. A giant whale wanted to exchange Aave, and as a result, confirmed a transaction under slippage warning, putting in fifty million dollars and getting out over thirty thousand dollars. The media is going wild, arbitrageurs are celebrating, and Aave officials are attempting refunds. But I have been staring at this data for a long time, and one word keeps coming to my mind: 'execution'. This is not just a case of one person's operational error; it is a public execution of the kind of 'full transparency fundamentalism' that Web3 represents. In this world made up of transparent ledgers, every one of your intents is broadcasting to the hunters across the network: 'I have money, but I am in a hurry, come hunt me down.' Those MEV bots (which we commonly refer to as sandwiches) are the armed hunters; they do not need to guess what you are thinking because the public chain is transparent.
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